Crypto bosses say the ‘tide is turning’ on regulation
The crypto world may have turned a corner when it comes to regulation.
The bosses of several major crypto companies told CNBC regulators are beginning to take a more positive approach to digital currencies, following a numerous crackdowns targeting the space.
Whereas China has banned crypto outright, countries like the U.S. and Britain have announced moves to bring regulatory oversight to the nascent market.
“The tide is definitely turning,” Changpeng “CZ” Zhao, CEO of Binance, the world’s largest crypto exchange, told CNBC on the sidelines of Paris Blockchain Week Summit.
Last year, U.K. regulators barred Binance from undertaking any regulated activity in the country, while in Singapore, Binance limited its services after the central bank warned it may be in violation of local regulation.
In a speech kicking off the event Wednesday, Zhao said regulatory discussions around crypto have shifted from “negative” to “positive.”
Before Zhao was introduced, the MC for the event referenced the crypto slang term “wagmi,” which stands for “we’re all gonna make it.”
“To be honest, I feel we kind of did make it,” he said, adding crypto serves as a lifeline for some in Ukraine amid Russia’s invasion.
But the crypto world still has some way to go before reaching widespread acceptance. And the fate of the industry largely hinges on the approaches that will be taken by different global regulators.